Steps for Error Correcting in Accounting

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Steps for Error Correcting in Accounting

500 words, APA 7th edition

Some inventory errors are said to be self-correcting in that the error has the opposite financial statement in the period following the error, thereby correcting the original account balance error.

Required:
Despite this self-correcting features, discuss why these errors should not be ignored and describe the steps required to account for the error correction.